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Cryptocurrency

Bitcoin

Largest U.S. Bitcoin Exchange Ordered to Share Client Information with the IRS

In a recent decision,  a California court ordered the largest bitcoin exchange in the U.S. to hand certain customer information over to the IRS to facilitate the IRS’ investigation into underreporting of virtual income gains. What Happened? Coinbase is a San Francisco based exchange dealing in cryptocurrency. Between 2013 and 2015, Coinbase maintained more than 4.9 million bitcoin wallets in 190 countries, serving 3.2 million customers and exchanging $2.5 billion. Believing that… Read More

Cryptocurrency

Bitcoin

IRS Advisory Committee Calls for More Guidance on Cryptocurrency Transactions

The Internal Revenue Service has published a new report in which the Information Reporting Program Advisory Committee (IRPAC) emphasized the rise in popularity of Bitcoin and other cryptocurrencies and noted that there has been a concurrent rise in questions about the tax consequences around transactions involving these virtual currencies. What is IRPAC? IRPAC is a federal advisory committee under the broader umbrella of the IRS. It’s mission is to “provide an organized… Read More

Mega Millions

Personal Tax Planning

How Much Tax Will the $1.6 Billion Mega Millions Lottery Winner Have to Pay?

The media has been on fire with lottery stories these past few weeks, as the Mega Millions lottery in the U.S. crept ever higher, before finally reaching a near-record breaking $1.6 billion dollars. Now, it has been revealed that a single ticket sold in South Carolina is the winner- meaning that one person (or group of people) is set to hear life-changing news. While the win is historic, it will also come with… Read More

Unexplained wealth orders

Tax Disputes & Litigation

Woman Who Spent More than $20 Million at Luxury Department Store Fights Court Order to Reveal Source of Her Wealth

An Azerbajani woman recently became the first person targeted by a British procedure intended to seize money from individuals suspected of obtaining their wealth via corruption. The woman came under scrutiny after purchasing high-end properties in and around London, and spending $21 million USD over the course of a decade of shopping at luxury U.K. department store Harrods. Unexplained Wealth Orders The woman is the subject of two “unexplained wealth orders” (UWO)… Read More

Restaurant

Corporate Tax Planning

CRA Reveals Continued Crack Down on Restaurant Industry

CBC News reported this week that the Canada Revenue Agency (CRA) will be reviewing data on beer, wine, and liquor sales in an attempt to crack down on tax avoidance in the bar and restaurant industry.  As we blogged about earlier this year, this is not the first time that this sector has come under scrutiny. High-Risk Sector The CRA has said that it has identified the restaurant industry… Read More